Recent Highlights
Achieved revenue of $2.8 million in the first quarter of 2026
Achieved a doubling of independent publications year-over-year to 84 total, accelerating third-party validation of Seer's platform
Secured a collaboration with Precision Health Research, Singapore to provide deep, unbiased proteomics on 10,000 samples for their PRECISE-SG100K study, a landmark multi-ancestry, population-scale cohort of approximately 100,000 Singapore residents
Strengthened the leadership team with the appointment of Anthony (Tony) Bazarko as Chief Commercial Officer, bringing deep expertise to drive strategy, partnerships, and market adoption.
Successfully defended and reinforced Seer's IP position through a U.S. Patent and Trademark Office Final Written Decision
Repurchased approximately 1.5 million Class A common shares under our share repurchase program authorization
Ended the quarter with approximately $220 million of cash, cash equivalents, and investments
"Seer executed on several important drivers to advance the long-term trajectory of the business by generating traction on large-scale contracts with biobanks and supporting continued third-party validation of our platform," said Omid Farokhzad, Chair and Chief Executive Officer. "Seer sits at the forefront of deep, unbiased proteomics, a large and expanding market with profound scientific and commercial potential. We are building this market from the ground up, and the foundation we are laying is increasingly recognized by the world's leading scientists and institutions. We look forward to advancing our vision to empower the scientific community with unbiased proteomics solutions while creating value for all stakeholders."
First Quarter 2026 Financial ResultsRevenue was $2.8 million for the first quarter of 2026, a 34% decrease from $4.2 million for the corresponding prior year period, primarily due to the continued depressed academic funding environment and competitive activity in the space we have pioneered. Product revenue for the first quarter of 2026 was $2.1 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $596 thousand for the first quarter of 2026, including $56 thousand of related party revenue, and primarily consisting of revenue related to Seer Technology Access Center service projects. Other revenue was $87 thousand for the first quarter of 2026.
Gross profit was $982 thousand and gross margin was 35% for the first quarter of 2026.
Operating expenses were $18.2 million for the first quarter of 2026, including $2.1 million in stock-based compensation, a decrease of 20% compared to $22.8 million for the corresponding prior year period, including $4.5 million in stock-based compensation. The decrease in operating expenses was primarily driven by a decrease in employee compensation expenses, including stock-based compensation.
Net loss was $16.8 million for the first quarter of 2026, compared to $19.9 million for the corresponding prior year period.
Free cash flow, defined as net cash used in operating activities of approximately $15.4 million, less net purchases of property and equipment of approximately $270 thousand, for the quarter was approximately negative $15.7 million.
Cash, cash equivalents and investments were approximately $220 million as of March 31, 2026.
2026 GuidanceSeer continues to expect full year 2026 revenue to be in the range of $16 million to $18 million, representing growth of 3% at the midpoint over full year 2025.
Webcast InformationSeer will host a conference call to discuss the first quarter 2026 financial results on Wednesday, May 13, 2026, at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.
About Seer, Inc.Seer, Inc. (NASDAQ:SEER) sets the standard in deep, unbiased proteomics, delivering insights with a scale, speed, precision and reproducibility previously unattainable. Seer's Proteograph® Product Suite integrates proprietary engineered nanoparticles, streamlined automation instrumentation, optimized consumables and advanced analytical software to overcome the limitations of traditional proteomic methods. Seer's products are for research use only and are not intended for diagnostic procedures. For more information, visit www.seer.bio.
For more information, please email us at [email protected].
Forward Looking StatementsThis communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer's beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer's actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer's plans and expectations regarding the adoption of Seer's products. These and other risks are described more fully in Seer's filings with the Securities and Exchange Commission ("SEC") and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Media Contact:Patrick Schmidt[email protected]
Investor Contact:Marissa Bych[email protected]
SEER, INC.Condensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except share and per share amounts)
Three Months Ended March 31,
2026
2025
Revenue:
Product
$
2,110
$
2,890
Service
540
1,203
Related party
56
52
Other
87
60
Total revenue
2,793
4,205
Cost of revenue:
Product
1,395
1,374
Service
170
531
Related party
6
70
Other
240
169
Total cost of revenue
1,811
2,144
